Paul Murphy is chief executive of Climeaction. Launched in 2021, the company provides specialised energy audits for microbusinesses and SMEs. The company won the Small Firms Association’s outstanding small business award in 2022.
Are you a saver or a spender?
I’m mostly a spender by nature. I enjoy life, good food, cars, toys and the odd adventure. But I do save every month and, when I need to, I can flip into full saver mode and become extremely disciplined. That switch has served me well over the years.
What was the first job you received money for, and how much were you paid?
I worked in a butcher’s shop in Kilkenny as a teenager and it’s still one of the best jobs I’ve ever had. I was paid £2 an hour at the start, then €2.54 after the euro changeover, which was rounded up to €2.75. Eventually I worked my way up to €3.80 an hour by the time I was 15. I took every hour I could get. In the summers, I’d earn 50 per cent more than the weekly social welfare payment at the time – not bad for a young fella.
Do you shop around for better value?
Absolutely. If you don’t check, you don’t know, and if you don’t ask, the answer is always no.
What has been your most extravagant purchase, and how much did it cost?
I bought a boat a few years back. Between buying it and rebuilding the engine, it cost roughly what a deposit for a small house would have been. I love the water, and the time I get from it is worth every cent. Boats don’t fall off a cliff in value, either, so I still count it as a good decision.
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What purchase have you made that you consider the best value for money?
My first car, when I was 18. I bought it off my dad for €1,000. He made me buy it (at a significant discount) to teach me the value of saving. I drove it for five years, put 110,000 miles on it, and sold it again for €1,000. Hard to beat that for value!
Is there anything you regret spending money on?
A camper van I bought with more rust on the chassis than I realised. I put money and time into fixing it up, but never got the real value back. I eventually traded it for something we still have at home, so at least it didn’t end up a total loss.
Do you haggle over prices?
Nearly everything is negotiable. If someone won’t budge at all, I’m likely to walk away, as there’s always another option.
Do you invest in shares and/or cryptocurrency?
My main investment is in my own business. Beyond that I have standard pension-linked investments in shares. Crypto-wise, I’ve a small, purely speculative amount in XRP. I don’t expect anything from it but if it ever grows, I’ll buy an old vintage truck or a Jeep Wrangler for weekend adventures in the US. And if it doesn’t, it won’t break my bank.
Do you have a retirement or pension plan?
Yes, of course. As a PAYE worker and company director, it makes absolute sense from a tax perspective. My optimism in business makes me feel I might never truly retire or won’t need a pension plan, but I still contribute properly. Future-proofing is never a bad idea.
[ Camille O’Sullivan: ‘I’m terrified of being out of money’Opens in new window ]
What was the last thing you bought, and was it good value for money?
Over the summer, I bought a fishing kayak. When I’m in the US, I’m close to the water so I can drag it down to the beach and get some quiet head space. It cost about $1,700 with all the gear, but I’ll have it for years, so yes, it’s great value.
Have you ever successfully saved up for a relatively big purchase?
Yes, for cars or big holidays over the years. When I set my mind to it, I can save quite aggressively. I hate personal debt so if there’s something important coming up, I’ll knuckle down, cut back and get there quickly. It’s not glamorous but it works. I once cleared a three-year loan over three months of summer to pay college fees – that’s how much I hate debt.
Have you ever lost money?
Yes. After finishing college I opened a small restaurant because I couldn’t find a local job. I put in my savings, worked extremely hard, doing 14-hour days, seven days a week. Ultimately, it didn’t succeed. I didn’t owe anyone anything, but every cent I’d saved was gone. It was a tough lesson, but I’m grateful for it now.
Are you a gambler, and if so, have you ever had a big win?
I don’t gamble at all. Money is hard enough to earn without handing it away. In college I briefly convinced myself I was great at blackjack and the maths of basic strategy. I won a few grand, then lost more. That was the end of my gambling career – and in hindsight, a cheap education.
What is your best habit when it comes to money? And your worst?
My best habit is that I’m good at making money. Whatever job or sector I’ve worked in, I’ve thrown myself into it, worked hard and done well. My worst habit is grocery shopping. I go into a shop for a few minor items, and I always buy too much. I enjoy cooking and eating well, so I can walk out having spent 50 per cent more than planned. Online shopping can also be dangerous.
How much money do you have on you now?
€20 and $20 in cash – just in case! I have to hedge my reserves when spending so much time on both sides of the Atlantic.
In conversation with Tony Clayton-Lea